Private credit firm Brightwood Capital Advisors announced that it had closed Brightwood Capital MM CLO 2024-2, a $707 million collateralized loan obligation (CLO). This CLO represents the second largest new issue middle-market CLO this year, bringing the firm’s year-to-date issuance to $862 million, and it makes Brightwood one of the top three largest middle-market issuers year-to-date (representing over 10% of the total middle-market issuance). This also marks Brightwood’s seventh CLO since 2019, bringing the firm’s total CLO issuance to over $3.5 billion.
Brightwood closed on AAA through BB securities via third-party investors, including insurance companies, banks, and asset managers. GreensLedge Capital Markets served as arranger and lead placement agent, NatWest Markets Securities served as co-placement agent, and KeyBanc Capital Markets served as co-structuring agent.
KEY QUOTES:
“We are thrilled with the overwhelming amount of interest from new and existing investors. We credit this success to our longstanding tenure in the middle market, which has enabled us to develop a robust CLO platform capable of navigating uncertain market conditions and capitalizing on industry tailwinds to deliver value for our investors across market cycles. We look forward to continuing our role in supporting the growth of the middle market.”
– Arlene Shaw, Managing Director and Treasurer at Brightwood
“We are excited to see extensive interest in our middle market CLO platform as investors increasingly see the value in the asset class and the unique risk-return profile it can provide. As a result of our team’s deep credit expertise and industry knowledge, our CLO strategy has proved resilient, delivering value to investors despite a challenging macroeconomic and geopolitical backdrop. Looking ahead, we plan to build upon our success in the space by leveraging our experience to serve a rapidly growing market.”
– Sengal Selassie, Chief Executive Officer and Managing Partner of Brightwood
